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Purchased used heavy-duty dump truck with plow for snow plowing from PP Equipment for $20,000, $500 down payment, 5%, 5-year note for remaining balance. Calculate

Purchased used heavy-duty dump truck with plow for snow plowing from PP Equipment for $20,000, $500 down payment, 5%, 5-year note for remaining balance. Calculate monthly payment using PMT function in Excel and prepare amortization schedule. --- I started an excel file but it's not coming out. Any help would be appreciated!image text in transcribed

Truck with Snow Plow Excel Function Present Value (lump sum) Future Value (lump sum) Annuity Amount (periodic payment) Type of Annuity (0 = Ordinary; 1 = Annuity Due) Annual Interest Rate # of Years # of Compounding Periods or Payments per Year PMT 19,500.00 ($367.99) 0 5.00% 5.00 12 Truck with Snow Plow Amortization Schedule Year 1 2 3 4 5 Beginning Balance 19,500.00 20,107.01 20,744.37 21,413.60 22,116.29 Totals Payment $367.99 $367.99 $367.99 $367.99 $367.99 1,839.95 Interest 975.00 1,005.35 1,037.22 1,070.68 1,105.81 5,194.06 Principal Reduction ($607.01) ($637.36) ($669.23) ($702.69) ($737.83) (3,354.12) Ending Balance 20,107.01 20,744.37 21,413.60 22,116.29 22,854.12

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